Hey we’ve just covered this on our weekly show and wanted to share here if that’s ok!

After $225 million in lobbying and a bill that looked like a sure thing back in the spring, the Senate went on recess without a vote, and the window before midterms is really tight. There’s a real chance this thing just dies.

It’s pretty fascinating because the blockchain/crypto industry used to pray for the government to regulate it correctly and offer it a legal pathway to legitimacy.

With Fairshake SuperPAC and the current administration, we were supposed to get favorable regulation right away. It was a guaranteed layup with all branches of government, the courts, the executive, the congress (both houses) all beholden to Trump and the pro-crypto lobby.

SO what the hell happened?

Even weirder, since the boogeyman Gensler and his crackdown from the SEC left, the SEC has been way more reasonable.

The SEC is even stepping in to write its own rules on token fundraising, which is a strange thing to see.

What do people think will happen with Clarity Act after Congress returns from recess in September?

Will it get passed before the midterm elections or new winners take office, or will it get kicked down the road infinitely?

Is there a chance that some people in crypto secretly don’t want this to ever pass because the grey area is more advantageous to them?

submitted by /u/ArcanuMELO [link] [comments]

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